Sunday, July 17, 2011

George Washington, Schools and Government Debt

 Schools don't teach the wisdom of the founding fathers anymore.  If you dough it ask your teenager what the Federalist Papers are.  
George Washington on public credit [Farewell Address] - "As a very important source of strength and security, cherish public credit. One method of preserving it is, to use it as sparingly as possible; avoiding occasions of expense by cultivating peace, but remembering also that timely disbursements to prepare for danger frequently prevent much greater disbursements to repel it; avoiding likewise the accumulation of debt, not only by shunning occasions of expense, but by vigorous exertions in time of peace to discharge the debts, which unavoidable wars may have occasioned, not ungenerously throwing upon posterity the burthen, which we ourselves ought to bear."
Washington's advice was simple, don't borrow to often or to much, pay off your debt while times are good and don't expect your children to pay your debt.  

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